Forecast to get a picture of the market for the week (14th-18th Dec, 2020)

Good morning, good morning everyone, and compliment of the season. I believe you can hear me. If you can hear me, let me quickly get our yes so we can start this week's market review. You can hear me? Let me quickly get our yes, our yes, our yes. Okay, so Mr. George said good morning, yes, that's fine. Mr. Chukwuma also said yes. Okay, that's very beautiful. So I welcome every one of us to this week's markets review. And before we look at Forex Factory for the detailed events to look forward to for this week, I want us to just have a review of what happened last week. On Thursday last week, the European Central Bank had to add additional €500 billion to its pandemic emergency purchase program. So if you could remember, around the month of March this year, during the peak of coronavirus, the bank had to come up with that program to be able to help the European economy to cope far better with the coronavirus. And that has actually really helped the economy, looking at the success of the PPP that was initiated by the European Central Bank around the month of March. But at the meeting on Thursday, some of us would be surprised that the euro was able to gain strength despite increasing the PEPP program by the ECB. What led to that surge was the hawkish tone of the European Central Bank president in the person of Christine Lagarde. She said even though they have increased the PEPP by additional €500 billion, but it's not compulsory for them to uh, fully utilize the €500 billion if the economy of the eurozone is able to improve and show signs of recovery from coronavirus. So that was actually seen as being hawkish by investors around the world and led to the massive surge we saw on the euro, um, on that day. Um, so at this time, I want us to go with me to forexfactory.com as we take a look at major events we are expecting For this week. Okay, so today, December 14th, looking at forexfactory.com, there is no major economic data expected on forexfactory.com today. But today, the U.S. Electoral College will be casting their votes. Last month, the election took place in the United States, and due to the popularity of United States elections. there is still a level of importance of the Electoral College, going by the fact that President Donald Trump has even refused to accept the outcome of that election. So at the end of the casting of vote of the Electoral College, you are expecting President-elect Joe Biden to be able to give a speech of acceptance as the incoming President of the United States. So that is also expected to Uh, don't miss some sentiments today. The Electoral College votes will be taking place today in the United States. Even though there's no major economic event, we're expecting on Forex Factory to be able to shoot, keep a tab on the Electoral College vote. Even though we know the outcome, the expected outcome of the vote, we should still keep tab when it is made official later today. Um, so tomorrow, uh, being Thursday, December 15th, we're expecting industrial production year by year from China. Uh, this data from China is important, especially to those of us that will be trading the Australian dollar and then the New Zealand dollar, because Australia and New Zealand, they are major trade partners to China. So a positive industrial production year by year data is expected to also lend some strength to the Australian dollar as well as the New Zealand dollar. So by 3 AM tomorrow, uh, we should also look out for, um, this data and then have an idea as to where we're expecting the Australian dollar, the New Zealand dollar to trade for the day. And by 8:30 PM, the Bank of Canada Governor Marklem will be speaking. And whenever the head of the Bank of Canada, in the case of, um, Marklem, is speaking, we expect volatility to be on the Canadian dollar. So at that time when he speaks, by 8:30 PM on Tuesday, you should be looking forward to some volatility on the Canadian dollar, and that would also give us opportunity to make money trading the Canadian dollar. On Wednesday, that's in 2 days' time, we'll be expecting trade balance from Japan. When it comes to exports, Japan is a country that has been doing pretty fine, and so their trade balance is also expected to actually be on a very good note. And then flash manufacturing PMI also by 1:30 PM from Japan. That's for those of us that trade the yen. We should Be on the lookout for trade balance and flash manufacturing PMI from Japan. And by 9:15, we have a series of economic data from the Eurozone, starting with French flash services PMI and then French flash manufacturing PMI. The service sector in France is the most important sector, contributing over 70% to the GDP of France. So by 9:15, we should be looking more towards the French flash services PMI compared to the manufacturing PMI, because the manufacturing sector in France is not as developed as the service sector. So service sector pays or contributes more to the GDP compared to the manufacturing sector in France. And by 9:30, to be the fan of data from Germany, so German flash manufacturing PMI. And then German flash services PMI. So Germany is the powerhouse of the eurozone. So anything that happens in Germany goes a long way to affect the strength of the euro. And this same day is the day Germany is expected to be on a full lockdown due to coronavirus. So a full lockdown is expected in Germany come December 16th. And as they say, on the same day, we are also expecting the German flat manufacturing PMI and the services PMI from Germany. So my third A here, which will be the third of the entire zone manufacturing PMI and service PMI. So this one goes beyond Germany, even though Germany contributes a larger chunk to the manufacturing PMI for the zone and the service PMI for the zone. But this covers the entire zone and not just Germany. that we had as at 9:30 AM. And by 10:30 AM, for those of us that trade the cable, it will be the turn of their manufacturing PMI and services PMI. And similar to what we have in France, the service sector in, in England or in Britain is more developed compared to the manufacturing sector. So, uh, we pay more attention to the flash service PMI compared to the manufacturing PMI. So even though, even if The manufacturing PMI comes out negative and the service PMI comes out positive. We still expect the pound to be strengthened when that data is released as at Wednesday by 10:30 AM. Okay, and then there is going to be an all-day meeting. That's the OPEC Joint Monetary Committee meetings that same Wednesday. At the last meeting, OPEC+ agreed to increase output by 500,000 barrels a day from January 2021. And at that same meeting, they also said, uh, they will be having a meeting monthly now so that they will be able to ascertain the situation in the oil market and be, uh, as proactive as possible so that they'll be able to look at the current situation and then arrest the situation as early as possible to be able to prevent the last occurrence that happened when there was a massive crash crash in the price of oil. They don't want to experience that thing by virtue of increasing output by 500,000 barrels a day from January 2021, which is just around 16, 17 days away. So they want to be proactive as much as possible. By 2:30 PM on Wednesday, to be the 3rd of them, CPI month by month from Canada. CPI is the primary measure of inflation in the economy, and it's one of the components that the Bank of Canada do consider before they decide to either increase interest rates or reduce interest rates. So by 2:30 PM, for traders of the loonie, we have to pay more attention to CPI month-by-month data compared to other CPIs expected at the same time. And same time, 2:30 PM, it should be the turn of the retail sales and core retail sales data from the United States. Core retail sales is less volatile compared to the retail sales, and it's more important compared to the retail sales. So we pay more attention to the core retail sales month by month compared to the retail sales month by month by 2:30 PM on Wednesday. And the manufacturing and services PMI data is expected by 3:45 PM. from the United States that same Wednesday. So Wednesday is pretty loaded, so gives us a lot of opportunity to trade economic data and then make some pips for ourselves. Later that same Wednesday, although by 4:30 PM, for those of all that still trades oil, we'll be expecting crude oil inventory from the United States. Inventory has been growing in recent weeks because the number of active rates in the United States has also been on the rise. So, um, core inventory might not be as good as we have actually been envisaging the last couple of weeks. And this week also, you might also be looking in the light of that direction, that inventory might not be too good, um, by 4:30 PM on Wednesday. But the point of, um, the data for the day will be the FOMC economic projections. the FOMC statement and the federal fund rate, even though the federal fund rate is expected to be kept constant. But investors will be paying more attention to the FOMC statements and their economic projections. What is the view of the Federal Reserve Bank about the impact of coronavirus on the economy? Do they feel the advent of these vaccines is going to help arrest The negative impact of coronavirus on the economy, because in the last couple of days we've seen the number of infections growing worldwide, especially in the United States, and the number of deaths on a daily basis has also been on a massive rise. So that means that the hands of the Federal Reserve Bank will be filled on Wednesday when they'll be making available the risk statement, and then they'll be projecting. So if Powell and his team is able to give investors a lot of confidence in the United States economy, we might possibly see a stronger United States dollar coming out of this meeting. But if the prevailing sentiment in the market continues to root, then the United States dollar might become weakened after the FOMC statement if Powell and his team decides to go dovish at the end of their meeting. And by 8:30 PM, it will be the time for the press conference. That's when Powell will be addressing the press. So a lot of questions and answers will be taking place by 8:30 PM. So it gives us a lot of opportunity to utilize and then get some pips from trading, um, the greenback at that time. So 8 PM, 8:30 PM. So a lot of volatility for around an hour is expected on the dollar. So it's a lot of opportunity for us right there. 8 PM Wednesday night, 8:30 PM Wednesday night, all attention will be on the FOMC. Would they disappoint investors, or will they meet up with the expectation of investors on that day? So let's just keep our fingers crossed and wait till 8 PM on Wednesday to be able to take advantage of the move Either they are dovish or they are hawkish. So let's wait for the day and then take advantage of the expected move on the dollar by 8 PM and 8:30 PM on Wednesday. And to round off the day, by 10:45 PM will be the turn of the GDP quarter by quarter from New Zealand. The last time, from what you can see in the previous column here, there was a decline in GDP in New Zealand. So if they still have a decline this time around, that would also mean that New Zealand economy might enter a recession because they had a decline last time. So a decline this time around might also be looking at a recession in New Zealand due to the impact of coronavirus, because we all understood what is dominating the major sentiment around the world now. Coronavirus is seriously ravaging economies around the world. Okay, so on Thursday, uh, we kick off the day very, very early in the morning with employment change and unemployment rate from Australia. So the projection is that 40,000 and, um, 40,900— 40,000+ persons will be employed, um, in Australia in the month under consideration. So any data above 40,000, which is even far short of the previous, the 'Cause the last time this data was released, around 178,000 were employed in Australia. But this time they are projecting just around 40,000, which has actually shown to us that coronavirus is still impacting the Australian economy negatively because it's affecting the volume of jobs being created in that country. Then unemployment rate is expected to still remain constant. The last time it came out at 7%, and they are still expecting it to come out at 7%. time around. So a constant unemployment rate is expected based on the forecast, but any data lower than 7% will be good for the Australian dollar, and any, any figure greater than 40.9— so like 50, 40.99, something above 40.9 in actual— will also be good for the employment change data from Australia. And by 9:30 AM, it should be the time for the Swiss National Bank Monetary Policy Assessment, the Swissie. Uh, we should pay attention to their monetary policy assessments. What is the view of the Swiss National Bank about the economy of Switzerland and then their policy, and then their policy rates? Um, so currently the policy rate, which is the interest rate in Switzerland, is in the negative territory, so -0.75%, and they are not likely going to reduce this. to maybe -1. So we expect their policy rate to still be kept constant, but the monetary policy assessment to be the most important, or the more— will be more important compared to the policy rate at 9:30 AM. And by 10 AM, the press conference by the head of the Swiss National Bank. The head will be taking questions from the pressmen, and then we'll be able to give responses to those questions that are posed. to aim at, uh, the press conference. By 1 PM, it will also be the turn of, um, the Bank of England. We expect the official bank rate vote, um, the Monetary Policy Committee official bank rate vote, and then monetary policy summary and official bank rates. Um, last week we, we were able to see that, um, the Brexit deal, um, has actually suffered a setback, even though the 2 parties, that's the Eurozone and then Britain, have been able to agree on an extension towards agreeing on a deal. But from all indications, it is looking as if Britain will not be able to get a deal out of the whole negotiation that have lasted for a very long time. So, and the possibility of them being able to conclude all negotiation this year is looking slimmer and slimmer by the day. So we might still continue to see them continue their negotiation next year, which is contrary to what they were making us to see when they commenced the negotiation. And by the same time, we expect the asset purchase facility vote also from the bank. So every major central banks around the world has to support the economy with asset purchase facility. We looked at European Central Bank extending theirs by €500 billion. last week. We're also expecting, uh, the Federal Reserve to have something in that line also at their meeting come on Wednesday. And by Thursday also, the MPC of the Bank of England will also be casting their votes either in support or against the extension of the asset purchase facility. So it's a vote in support, um, depending on the tone of delivery, is expected to give some strength to the cable depending on the tone of the delivery by the MPC. If they are hawkish in their delivery, just like Lagarde was at her own delivery last week, if they are also able to, uh, borrow a cue from her, then we might see the British pound gaining strength if they are hawkish. If they are hawkish, very important. And by 2:30 PM, uh, the ADP non-farm employment change be released from Canada, and, uh, Philly Fed Manufacturing Index and unemployment claims. So coronavirus has actually made this claim continue to soar in recent weeks. Maybe this week also we might see data greater than forecast, as we've been having in the last couple of days. So unemployment claims, 2:30 on Thursday. Let's also be on the lookout For it. Okay, fine. So Friday, before we look at, um, the data we're expecting on Forex Factory, on Friday that is when the Apartment Investment Management, a company that is currently part of X&P 500 index, will be removed. The company will be removed on Friday to make room for the entrance of Tesla come Monday, December 21st. So Monday next week, Tesla will become, um, the 500th member of the S&P 500 index. So for those of us that trade the index, I will be expecting a lot of volatility come Friday this week when AIM— that's Apartment Investment Management— when they will be removed officially from S&P 500 index. So US 500 on Friday and US 500 on Monday, we expect a lot of volatility on that index because before the opening bell goes on Monday, December 21st, Tesla will become a member of US 500 index come December 21st. But AIM will be removed come Friday. So this Friday, December 18th, Apartment Investment Management to be removed from S&P 500 index. So we should, uh, be on the lookout for some volatility on S&P 500 come Friday, and then on Monday when Tesla will officially become a member of the index. Um, so Friday, uh, though still a tentative meeting, will be the monetary policy statement from the Bank of Japan. So Bank of Japan will also make available the monetary policy statement, the policy rates, and the policy rate is in the negative territory at this time, which we are not expecting them to further reduce. So policy rate is expected to still come out at -0.1, but we'll be paying more attention to the press conference and the policy statements. The policy statements and the press conference will give us a clearer view as to the economy of Japan. Maybe we should continue to buy the Japanese yen. We have to sell off the Japanese yen. Get to know more at the policy statement and the press conference on Friday. And by 8 AM, uh, we'll be expecting retail sales data from Britain. And 10 AM, German IFO business climate. German IFO business climate is a very important data from Germany. So it's expected to come out at 90.2, although far lower than, or slightly lower than, what we had the last time, but not, not so far away. So any data around this 90.2 would still be seen as being fairly good for Germany, especially due to the fact that we're expecting Germany to be on full lockdown come Wednesday this week. So the sentiment of that full lockdown will also start coming into the market from this— from today, from today actually, because on Wednesday we expect Germany to be on full lockdown due to rising number of cases of coronavirus in the country. And by 2:30 PM, to be the turn of Canadian dollar, we expect core retail sales month by month and retail sales month by month from Canada. And from what I said earlier on, Whenever you are expecting core retail sales core data and the flat data at the same time, the core data is more important compared to the flat one. So core retail sales month by month is more important, and we expected to pay more attention to the core retail sales compared to the retail sales data expected by 2:30 PM on Friday. By 4 PM same Friday, uh, to be CB leading index month by month. And then finally, by 10:30 PM, very close to the close of the market, the bank stress test results. So, uh, one of the functions or responsibilities of the central bank is to conduct bank stress tests. So the Federal Reserve Bank will be making available the results of the stress tests they have conducted on commercial banks in the United States. Are the banks still stable or not? We get to know when the bank stress test result is made available. And so I'm trying to give some time for others to join. Okay, so the first instrument you'll be checking, um, is EUR/USD. So this is EUR/USD on the hourly charts. But if you move to the daily charts, I would say that EUR/USD has been struggling with this level, um, the last couple— yes, around 1.21706, around that region. So we've seen EUR/USD struggling with, um, this resistance in the last couple of days. Um, so for EUR/USD, even though, um, the sentiment still remains very bullish on this instrument, you can see in the last couple of days the instrument has actually been trading more bullish than being bearish. But because the instrument is trading at a resistance, a very key one looking at the instrument historically, is a very key level that EUR/USD is trading now on the daily charts. So we move to the hourly time frame. So we see the instruments So we also see the instrument reapproaching a key resistance also on the hourly time frame. So, uh, so far at this time, uh, what I think we can do, even though the general sentiment on EUR/USD remains bullish because we expect the dollar to still continue to trade on the weaker side for this week, but for now, because this instrument is approaching a resistance. So we can have a sell limit at this price, let's say at 1.21611, and have a take profit target of about, um, 20, 30, or 40 pips on this instrument for this moment, just for this moment. Overall, for this week, you should be looking at a bearish move on EUR/USD, especially once the instrument is able to close above this resistance. Once it's able to close above this resistance then the instrument should be able to trade bullish. And from here, you would say that we're having something in the likes of an ascending triangle on it on the hourly time frame. So an ascending triangle on the hourly time frame, so a break to the upside is the most probable outcome on this instrument, coupled with the general sentiment in the market. So we expect the instrument to continue to trade bullish. bullish, but we can have a sell limit at 1.21611 with a TP target of about 50 pips from that resistance, or some retracement to be expected on it this time around, at least retest this channel on this hourly time frame. So the instrument should still retest this channel on the hourly time frame. Okay, so that's that with EUR/USD. We move to EUR/CHF. Checking EUR/CHF on the 4-hour timeframe, this is the line chart. We see EUR/CHF having a formation that looks like a double top on the 4-hour timeframe. So this is something that looks like a double top. On the four hours time frame, so the instruments. So this looks like a double top on this instrument, and whenever we have a double top formation, we know the expectation, and then coupled with the fact that we're expecting the pound, the dollar to. Be weak this week, but because this instrument is currently trading around a strong support level, so you can see the strong support around this price, so it's trading around this price level, so we can wait. For those of us that would like to initiate a trade, let's wait for this instrument to break below this level and then retest this level. So that's going to break below, then a retest On this, around this price level. So after the retest, then we can have a sell trade on the instrument. Let me look at it on the hourly time frame. Yeah, so we still see rejection happening around that same price level. So there has been rejection around that same price level, but the bearish pressure on USD/CHF is very high, and I would not want us to trade retracement on it this time around, coupled Uh, based on the fact that it has been tested in recent time twice in the last, um, 2 trading sessions. This zone has been tested twice, so it should not be too good for us to be waiting for a retracement on that same zone this time around. Let's just wait for it to break below this zone, then retest this zone, and we can have our sell trade for the week on USD/CHF. And we should not also forget we are expecting The, um, policy rate from Switzerland during the course of week 2. But ahead of the policy rates from Switzerland, we expect USD/CHF to continue on this bearish move. So let's not have, um, or let's not plan to take advantage of retracements from this support. Let's just wait for it to break below the support and then retest what would have turned to resistance at that time. For us to have our sell trade on USD/CHF. Someone is saying no audio. For those of all that couldn't hear me, I would since you can't hear. Let me just type. Okay, so next one will be Great Britain pound against United States dollar. Even though on Friday we saw the pound trading lower against the US dollar as a result of some slight outcome from the negotiation between Britain and European Union, so the negotiation was not looking so good. For, um, United Kingdom because it's not looking as if they will be able to conclude the whole negotiation this year. So we expect negotiations to still extend till next year. But because the dollar is weak and is expected to continue to trade lower for this week pending the outcome of the economic projections and, um, the press conference by, um, the chairman of the Federal Reserve So we still expect the pound to continue to trade higher. So trade higher, uh, looking at it, you see the instruments gapping up even on the hourly time frame on opening today. So it gapped up and is approaching a key resistance also. So there's a key resistance in view on the hourly time frame on this instrument. There's a resistance around, uh, this price at 1.34569. So this still gives us some room to buy GBP/USD before it gets to this resistance. So which means you can still buy now, but we should have our TP before this resistance for today. And, um, eventually for the week, let's wait for it to break above this resistance and then have a retest on this resistance, which should have come to a support by then. Then we'll be able to buy the GBP/USD. So a buy trade is envisaged at this time up until This resistance on the hourly time frame. So a price before this resistance would be fine. Maybe 1.34440 would be a good take profit point for a buy trade on GBP/USD. So we can buy GU right away and have our TP at 1.34440. But for the week, after the closing of this trade at 1.34440, we wait for it to break above 1.34569 and retest Around this region, say 1.34580, around that region. Once there is a retest around that region, then we can buy. So we buy the retest from that region once it breaks above 1.34569. But GBP/USD for this week, um, sentiment still remains bullish on the instrument, so we can buy now with our TP at 1.3440. So let's make some money, uh, on you right away. This is, um, USD/JPY. This USD/JPY on the daily chart. So if you're looking at USD/JPY on the daily chart, you see that, um, the instrument is trading also around the support, uh, but this time around this is trading Um, it's forming what we can say is, um, a descending triangle. So we can see a descending triangle on USD/JPY on the daily chart. So a descending triangle on the daily chart, which is only giving us a direction that, um, the possibility of USD/JPY breaking below, breaking to the downside, is higher, is higher on this instrument. So, uh, we should be looking at, um, sell trades on USD/JPY, sell trades on USD/JPY. But because the instrument is currently trading— yeah, but because the instrument is currently trading around a very strong support, it's trading around the strong support, so we wait for a reaction, um, around the support for us to know what we are to do at this point, even though we are to sell. Looking at the instrument for the week, but we wait for the reaction around these supports. A close below these supports with a retest on what would have turned to a resistance at that time, then we can sell USD/JPY at that point. But we should not sell now. It's trading around a resistance— around the support. Don't sell yet. Just wait for a retest around this zone, then we sell. Comes down, if it tests this zone, then we sell USD/JPY. So USD/JPY for this week is giving us a very good opportunity to sell this instrument. So the post is clear for itself, but not yet until the reaction around this region has eventually taken place. Okay, someone, Mr. Chris, is saying please explain the term retest. Okay, this is what retest means. Once this breaks below, I think it's looking as if, um, it's able to break below as it is now. If this is able to close this way, we have a new candle go lower than this current candle. This current candle is still trading lower. This one closes this way. The next candle also closing lower than this one, and we had a bullish candle retesting this region or pushing to around this region to confirm the strength of this particular region. That is the meaning of retest— a bullish candle retesting this region. So once there is a bullish candle that retested this region or that retests this region, then we can sell off that, uh, retest. Once there is a retest Then we can sell USD/JPY. That's the meaning of retest, confirming the strength of that, of this particular region, which is currently a resistance to price. But yeah, which is currently resistance to price and was a support a few minutes ago when we're starting this analysis, but has now turned to a resistance because price is currently trading below it. So a retest of it, then a continuation is expected. Just like most of the currencies we've been checking this morning, USD/CAD also gaps down. So we see the instrument gaps down this way, but unlike the other instruments like USD/CHF, which is showing some very strong bearish stance, USD/CAD is not really as bearish as USD/CHF owing to the current state of oil. Canadian dollar is oil dependent to a level, and because oil is not really doing so fine at this point, so that is also still affecting the Canadian dollar. So the market on the Canadian dollar is not looking pretty clear at this point because the instrument is trading between this region and then this region. So we've seen the instruments in the last couple of hours trading just narrowly between these 2 price levels. So this might likely continue until we have a breakout. So a breakout to any— in any of this direction is going to be the direction on USD/CAD for this week. So I'm not going to tell us USD/CAD is going to be bearish, even though, uh, the percentage for it to be bearish is like, um, 75% compared to like 25% for it to be bullish. So it tends to being bearish more than being bullish, but we should still not sell yet. Until it's able to go far below 1.27420. That's if this current candle is able to close below 1.27420, then and then can we have a sell for today with our take profits before this support where we had this doji. You know, we had this doji on the hourly time frame, uh, that was on the 10th of December. So we can have our TP towards, um, that doji once this candle is able to break to the downside. So we are not to sell yet. Because this region has been rejecting price in the last couple of hours. So let's still wait if this current candle will be rejected. And if it is rejected, that means we can buy up until this resistance because there has also been some rejection around this resistance. So if that is the case, there is a possibility for USD/CAD to just trade between this bound for a couple of days, maybe today, tomorrow. But if it's able to break to the downside today, then we sell. With our TP at 1.27073, we sell if and only if it breaks below 1.27420. But in this case, we do not need to wait for a retest. We do not need to wait for a test. A break below, then we can have a sell on this instrument. This is one of the commodity-supported currencies, and for this instrument, which is commodity-supported, we've seen it trade between this price level and around the same price level. That's 0.75648 and 0.75— 75. 236. That has been the region AUD/USD has been trading in the last, um, couple of days after this massive surge we witnessed on the instrument. It's currently consolidating, and due to the present state of consolidation on this instrument, wait for a breakout which is likely to the upside. Likely to the upside on AUD/USD. The breakout is likely to the upside. So breakout to the upside without a rejection like what we had here. You know, this last time when it broke to the upside, it was rejected. So breakout to the upside without a rejection, unlike what we had here, what we had here, uh, when there were rejections on AUD/USD. So once we have a breakout without rejection, then we can buy AUD/USD and buy AUD/USD. But it's not at this point we buy AUD/USD. You can't buy yet, so let's wait for a breakout, then we can initiate our buy trade on AUD/USD. Let it break. Let this current candle close outside of this price level, 0.75648. Let us wait for it to close outside of that price range. Once it does, then there will be an opportunity for us to buy AUD/USD. Okay, so this is US30. The bullish sentiment on the index is also noticed on US30. You see US30 gapping up, and that could still be attributed to the sentiment around this vaccine approval in the US, because last week the vaccine made by Pfizer was eventually approved for use in the United States. And during the course of last week, that was on the 7th, we saw that vaccination in the UK also commenced. And in the coming days and weeks, we expect vaccinations to also spread all across the world. So other countries around the world that are yet to commence vaccination are expected to commence their vaccination. Even our dear country Nigeria They're also expected to get some delivery very soon. So that expectation is still pushing the stocks to the upside because most of them were able to get to the all-time highs last week. And because they are trading very close to the all-time highs now, especially US30— looking at US30, it's trading very close to this resistance here. That's at 3,288, around that region, not exactly at that price. So anyone who wants to trade, if you can, um, wait for it to, um, test this price level and then wait for reaction around that price level, more importantly, because if we are to initiate a buy trade now Um, the last time this instrument trades around 3,242, we had a massive crash. So there is a possibility of a repeat of what happened sometime here, especially if there is a rejection on price at this point. If there is a rejection, then there can be some opportunity to make money off some slight retracement on US30. But let us wait for it to trade well above this ATH 3288 around that price level. Once it closes around above that price level, then we can, um, comfortably buy US30. Although the general sentiment on index still remains bullish, the general sentiment on index still remains bullish, but doesn't mean we should just initiate a sell trade directly at this time. So we can wait for it to retrace slightly from around this price, maybe to cover these gaps. Yeah, there's a gap from where it closed on Friday. US30 closed around 3,042 on Friday but opened today at around 3,208. So if it comes to as low as 3,042, then this would be a very good price for us to have a buy trade with our targets at 3,288 or around that level. So let's wait for it to come low to around this level or close to this level, then we can have a buy trade. But for now, let's wait for reaction around the zone where US30 is currently trading. In the case of D30, D30 is currently trading beneath the 50-period exponential moving average. But let me go to candlestick, green and red. So we see the instrument also showing the sign that we saw on other index, a gap up, just like the optimism around the world on other index that we Like the same thing we saw on US30 is also visible on DA30. But because we're expecting Germany to be on full lockdown come Wednesday this week, so that sentiment might somehow weigh on DA30, might somehow weigh on DA30, even though the vaccine sentiment is still pretty high. But because of That's lockdown in Germany, so we should buy D30 cautiously because of the lockdown in Germany this week that is expected. Okay, so for gold, uh, the Since the advent of vaccine discovery and approvals, we've seen gold slightly trading to the downside, slightly trading to the downside, slightly trading to this downside, giving us the clue to the most probable direction where gold will be trading in the coming days. So there is a high probable direction to where gold will be trading in the coming days. So it's giving us a probable direction to where gold might be trading in the coming days. So bearish stance is still very strong on gold despite some lockdowns expected in some countries, but the bearish stance is still very, very strong on gold. So gold is good for a sell with our TP around 1777.46, 1777.46 for the week. But looking at it on lower time frame, yeah, so looking at it on the hourly time frame, so we see gold trading at, um, around a support. The support is around 1826.87. So historically you see a rejection happened here Rejection here, rejection here, rejection here around the price level where gold is trading now. So it will not be too safe for us to have a sell trade even though the overall sentiment on gold still remains bearish. Let's wait for gold to close lower than 1826.87. That would ascertain that gold— we've not had— we are not having a false breakout on the instrument. So once gold is able to trade below Close outside of 1826, and the next candle is able to confirm the direction, then we can sell gold with this take profit target still intact, 1789.89. So gold looks good for a sell, but we wait for reaction around 1826.87 where gold is currently trading. So US 100, a very volatile instrument, is also trading very close to a resistance, as you can see here. So the last couple of times that this instrument has tested this resistance, we've seen it pulled back from around that resistance. So we can also wait for something similar to that at this point. So let's wait for a pullback around this region where it's currently trading. So I feel US 100 is going to pull back from around this price before it will eventually surge higher and break, um, this price level. That's 182426.02. Um, but for now, I expect some retracements of this region. So US 100 should retrace slightly for now before it continues the move. So for those of us that might want to trade it right away we can have a sell trade at this time, uh, with a TP as close as possible. Let's just get something from it because at any point it will continue the bullish move, especially if it's able to close outside of 12,426. So 12,426 is very important to this instrument once it closes outside of that price, because in the last couple of hours that this instrument has tested this particular price level that has been massively rejected. There was a rejection here, rejection here, rejection here, rejection here, and in the last 3 hours too, there was a rejection around that price level. So this price level is very critical to US100. So a break, a close outside of 12426 will be a very good clue for us to have a buy trade. But for now, You can take advantage of some slight retracement expected on US 100. Earlier, check the 30 earlier. So oil, um, so on Wednesday, I think, yeah, on Wednesday we're expecting, um, a meeting from OPEC+ to look at the current scenario surrounding this commodity. The commodity was able to trade above $50 on Friday Was it on Friday? On Thursday. Thursday, yeah, on Thursday the instrument was able to close outside of $50. That's, uh, for the first time in over 4 months that the instrument is able to close outside of $50. So a retracement is still expected, or is, um, is on the card on this instrument. So oil is expected to retrace because the sentiment will not— the current sentiment, even though it's bullish It's not expected to push oil above $50 ahead of the meeting of OPEC this week. So any sentiments that the meeting on, I think on Wednesday, is able to generate, once it's bullish enough, we'll eventually see oil break outside of the $50 mark. So you might see oil at $51 in the coming days, but that is dependent on the outcome of the GMMC meeting. of OPEC expected this week. But for now, I expect oil to trade bearish. Um, so I expect some correction to take place on oil up to around either this price level, that's around $50.17. So I expect a correction to around $50.17 in the minimum, at least retracement to around that level, or possibly To around this price level, 50, 49.90 thereabouts. Yes, 49.90 thereabouts. Either 50.17 or 49.85. For now, I expect some retracement on this instrument to around 50.17 possibly, and probably 49.85. For the person that asked of pound Australian dollar, Australian dollar is also a pretty strong currency. that has actually been showing strength against the pound in recent weeks. We can see in the last— on the hourly chart that the instrument shows a very strong bearish stance until we had this hammer resting on the support. This hammer was resting on support around this price. There was a rejection, and then this confirmed this hammer, which Um, is a prob— which is a— which, which is giving us, um, some belief that pound Australian dollar might have changed direction for now. So there is a possibility that pound Australian dollar might have changed direction. We had this strong rejection, a confirmation, and then a gap up today on this instrument. So pound AUD looks good for a buy, uh, for this week up until at least This price level, that's 1.78948, up until at least that price level, 1.178948. So euro pound is also showing some change in trend. We saw this rejection around this resistance on euro pound, a confirmation, then a gap down also occurred on this instrument today. So euro pound is looking like, um, an instrument to trade bearish for this week. An instrument to trade bearish for this week. It's like this— oh, the momentum from this hammer is exhausted because this retracement on this instrument is very close to 100%, a total retracement from this low to this high on this instrument. So it's likely this instrument will complete this retracement, 100% retracement is likely on the card on euro pound. And the final instrument is GBP/JPY. This is the final instrument for analysis. So the pound is expected to, uh, be strengthened this week, uh, owing to the extension that, um, Britain was able to get from the negotiation with some of the European Union. So that has actually been very bullish on the pound, and the bullishness is expected to continue Until they have the the Bank of England make available their projection for the economy, so that projection might be the only thing that will change the course of the strength on the Great Britain pound. But Great Britain pound expected to be strengthened overall for this week. Okay, I think this would be a very convenient point to say thank you for everyone that has been a part of today's. analysis. I want to appreciate us for being a part, and we look forward to having us around same time next week Monday. So I wish us a very profitable week ahead, a very profitable week ahead. You should not forget Wednesday economic projections, uh, FOMC statement, fund rate, 8 o'clock, 8:30. Very important opportunity to catch some massive pips be available in the market on that day. And we have also looked at some other events that will give us some opportunity during the course of the week. Let's have a very profitable week and let us stay safe. Merry Christmas and then Happy New Year in advance. Thank you all.